Atwood's Vicksburg Jackup Wins Contract from Total

Atwood Oceanics reports that the Vicksburg, owned and operated by its wholly owned subsidiary Atwood Oceanics Pacific Limited, has been awarded a contract by Total Exploration and Production Myanmar to drill two (2) development wells plus an option to drill one (1) additional well offshore Myanmar immediately upon completion of the rig's current contract with ExxonMobil Exploration & Production Malaysia Inc. The rig's current contract is expected to be completed during the first quarter of calendar year 2006. The contract provides for a dayrate of $92,000, with a moving rate of $80,500. Total will also provide a tow vessel to move the rig. All wells are expected to take approximately 20 days to complete. It is also expected to take approximately 20 days to move the rig from its current location offshore Malaysia to Myanmar. Upon completion of the drilling program, Total will provide a tow vessel and pay the moving rate to move the rig to its next drilling location no greater distance than the release point from the EMEPMI contract. Including moving time and assuming that the option well is drilled, the Total drilling program could extend approximately 80 to 100 days.
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